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WASHINGTON, DC--PIRG today commended the public release of the Department of Labor’s proposed rule that would strengthen the ability for Americans to save for retirement by addressing conflicts of interest that arise when brokers and financial advisers give retirement advice.

“Financial advisers and brokers should have a duty to act in the best interests of the Americans who hire them for sound financial advice,” said Mario Salazar, Legislative Director of U.S. PIRG. “We will work to ensure the strongest possible rule to protect Americans who work hard to save for a secure retirement.”

“We expect Wall Street to mischaracterize it and spend millions to kill it,” added U.S. PIRG Consumer Program Director Ed Mierzwinski. “But make no mistake. This is the right thing for savers of all ages.”

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U.S. PIRG, the federation of state Public Interest Research Groups, is a consumer group that stands up to powerful interests whenever they threaten our health and safety, our financial security, or our right to fully participate in our democratic society. U.S. PIRG is a member of saveourretirement.com, the coalition formed to promote and defend the proposed rule to require retirement advisors to put consumers first.